Bitcoin breaks below $60,000 in its worst week since FTX

In the first week of June 2026, Bitcoin fell roughly 17% and broke below $60,000 — undercutting February's bear-market bottom to print a new cycle low — as a record ETF exodus, Strategy's first sale since 2022, and a Mt. Gox estate transfer converged. Roughly $390B in crypto market value evaporated and about $7B in leveraged positions were liquidated, the worst weekly rout since the FTX collapse in November 2022. A hot U.S. jobs report that gutted Fed rate-cut hopes was the final shove.